1. Energy Transfer LP demonstrated strong growth potential with record EBITDA and DCF in FY2024, driven by high volumes and strategic investments in the Permian Basin and NGL exports. 2. Despite missing Q4 expectations, ET's extensive natural gas pipeline network and rising natural gas power demand position it well for future growth and stable DCF. 3. ET's valuation is attractive, trading at a discount with a high dividend yield, declining debt-to-equity ratio, and significant upside potential based on EV/EBITDA.